Free exchange: The high kingdom.

The article focuses on the possible emergence of China as a high-income country in 2023. Among the challenges facing countries at the intermediate stage of development are declining returns to capital and investment needs in education. It mentions concern about the stock of human capital of China in light of the lower average of years of schooling of the adult population in 2020 compared with high-income countries. The significance of the Chinese investment in new human capital is cited.